Chinese regulators have asked top executives at ride-hailing giant Didi Global Inc to come up with a plan to scrap US exchanges over security fears, Bloomberg News reported.

China’s tech watchdog wants management to remove the company from the New York Stock Exchange over concerns about the loss of sensitive data, the report said, citing people familiar with the matter.

Didi did not respond to a Reuters request for comment.

Proposals under consideration include a direct privatization or an IPO in Hong Kong, followed by a delisting from the United States, according to the news report.

If privatization progresses, the proposal will likely be at least $ 14 as privatization progresses, as a lower bid so soon after the IPO in June could spark lawsuits or opposition from shareholders, the report said, citing sources.

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